General Journal

The general journal is usually a two-column journal used for unusual and annual accounting entries that aren't recorded in the sales and cash receipts and cash disbursements journals. Adjusting entries and closing entries, made at the end of an accounting period, are the most common entries made in the general journal. The general journal is also used to record special transactions that don't get recorded in one of the regular journals.

The following illustrates a "special transaction." On April 12, 20xx, $7,500 was spent on new production equipment in your machine shop. At that time, the amount was incorrectly expensed to repairs and maintenance in the cash disbursements journal. It should have been recorded as a purchase of fixed assets. Upon discovery of the error, you make the following correcting entry in your general journal. Debit Credit Equipment 7,500 Repairs and maintenance 7,500 To correct 4/12/20xx purchases journal entry General journal entries are posted to the respective general ledger accounts.             1 2 3 4 5 6 7 8 9   Your Small Business Toolkits Printing and Shipping Take advantage of the Printing & Shipping Toolkit sponsored by FedEx to help grow your business. Read More   Your Small Business Toolkits Purchasing & Inventory Take advantage of the Purchasing & Inventory Toolkit sponsored by Sam's Club to help grow your business. Read More   Your Small Business Toolkits Online Solutions Take advantage of the Online Solutions Toolkit sponsored by IWS to help grow your business. Read More   Your Small Business Toolkits Sales and Marketing Take advantage of the Sales and Marketing Toolkit to help grow your business. Read More   Your Small Business Toolkits For Employers Take advantage of the Employer Toolkit to help grow your business. Read More   Your Small Business Toolkits Government Contracting Take advantage of the Government Contracting Toolkit to help grow your business. Read More   Your Small Business Toolkits Start Up Take advantage of the Start Up Toolkit to help grow your business. Read More   Your Small Business Toolkits Finance Take advantage of the Finance Toolkit to help grow your business. Read More   Your Small Business Toolkits Insurance Take advantage of the InsuranceToolkit to help grow your business. Read More   Join Us Today Joining the U.S. Chamber of Commerce is an easy choice to make and an investment that begins to pay off right away. Join Now   Search: Copyright © 2013 U.S. Chamber of Commerce 1615 H St NW Washington DC 20062-2000 All Rights Reserved TERMS & CONDITIONS PRIVACY POLICY   X Email address Password Remember Me Forgot your password?